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July 1, 2025
12:30 PM
Thank you so much to everyone who participated! We appreciate you sharing your experiences with our community. A winner will be randomly selected and contacted to claim their prize.
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Thank you so much to everyone who participated! We appreciate you sharing your experiences with our community. A winner will be randomly selected and contacted to claim their prize.
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A friendly welcome to our new and returning community members!
We’re excited to share another sweepstakes and another chance to win a $100 gift card with you. This month, we’re discussing investing.
Investing can be an exciting journey, whether you're diving into stocks, exploring crypto, or researching other opportunities. Some investors thrive by taking risks, while others prefer a more cautious approach. This month, we’re curious: What does investing mean to you? Do you focus on traditional investments like stocks and bonds, lean into emerging markets like crypto, or avoid investing altogether? Share your thoughts or experiences below to enter our sweepstakes and get a chance to win a $100 gift card. A winner will be randomly selected on July 16, 2025.
If you have questions about how investing can affect your taxes, please join us for a LIVE Q&A on Wednesday, July 16th any time between 9:00am and 5:00pm Pacific Time to ask Tax and Financial Experts your questions and get advice about taxes and personal finance, for free! Learn more and RSVP here.
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We will be hosting the Investing sweepstakes to give you, and others, the opportunity to share your experiences. One lucky winner will be chosen randomly to receive a $100 gift card.
WHAT: Sweepstakes for a $100 gift card
WHEN: Entries will be accepted from July 9, 2025 through July 16, 2025 at 5:00 pm Pacific Time
HOW: Enter by adding a comment to this post sharing your opinion or experience with investing. If you are the winner, we will send you a private message. The winner will be selected at random on July 16, 2025.
July 1, 2025
12:23 PM
Go to Federal>Deductions and Credits>Estimates and Other Taxes Paid>Other Income Taxes to edit a payment you entered.
July 1, 2025
12:17 PM
July 1, 2025
12:12 PM
PREVIEW 1040
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/preview-turbotax-online-return-filing/L77WCkvnu_US_en_US?uid=m681fkhr
July 1, 2025
11:52 AM
How do we get to Turbo Tax home? “”Online directions are wrong.
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July 1, 2025
11:27 AM
upgraded my laptop
hard drive memory and lost my saved 2024 MA State Income Tax Return.
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July 1, 2025
11:08 AM
Could you please clarify your question? What are you trying to do? Are you being claimed as someone else's dependent? Is that why you are asking about "whatever I earn for myself?"
July 1, 2025
11:02 AM
@dmertz Thanks for your reply! Yes, we are talking about 2025 RMDs. I think we don't want to roll the dice in this situation given the possible consequences. The Fidelity 403(B) group is qui...
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@dmertz Thanks for your reply! Yes, we are talking about 2025 RMDs. I think we don't want to roll the dice in this situation given the possible consequences. The Fidelity 403(B) group is quite adamant about the necessity of filing the Form 5329 which calculates a 25% penalty on the RMD that was impermissibly rolled over, then asking for a waiver of the penalty which they say is generally granted if done in a timely manner. I've looked the form over briefly and am unsure which part applies here, i.e., Part III Additional Tax on Excess Contributions to Traditional IRA or Part IX Additional Tax on Excess Accumulation in Qualified Retirement Plans. Thoughts? Also, does Turbo Tax support generation of a Form 5329? Second question is about how the rollover and return of the excess contribution will be reported to us on the 1099-Rs. One 1099-R will report the rollover with code "G", I'm assuming showing the original transaction including the impermissible RMD amount. The second 1099-R will show the withdrawal of the impermissible RMD amount, with the code "7" normal distribution, and will be taxable income. But are you saying that Fidelity's first 1099-R will be (or should be corrected by them) to show the actual amount that should have been rolled over? Another way I am thinking of handling this situation, is to fill out form 5329 (as permitted by Turbo Tax) and pay the 25% penalty which would in this case be about $125 (25% of $505 RMD). No letter or explanation required and I can file electronically. Thoughts? I am also thinking of counseling my husband to put off rolling over his second 403(B) until 2026. He would just take the RMD required for it. Do you think this will avoid complicating matters more than they already are? Thanks again.
July 1, 2025
10:47 AM
@tonyholland1940 ,
(a) For US tax Purposes, and based on article 17, para 3 of the US-UK tax treaty, Social Security ( US ) to a resident of the UK is taxable ONLY by the resident state i.e. by U...
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@tonyholland1940 ,
(a) For US tax Purposes, and based on article 17, para 3 of the US-UK tax treaty, Social Security ( US ) to a resident of the UK is taxable ONLY by the resident state i.e. by UK
(b) However there is also language that suggests the possibility that if the "pension" was not taxable under the laws of the source state then it may not be taxable by the resident state.
(c) Please go through Article 17 & 18 of the tax treaty because there are many "ands", "ifs", "buts" and of course the very British " Not-withstanding"s. See here --> United Kingdom (UK) - Tax treaty documents | Internal Revenue Service.
Is there more I can do for you ?
July 1, 2025
9:46 AM
I will be including a cover letter to explain the situation to make it easier as well as the 1099-misc as it had no tax withheld. Thanks for responding on the rest
July 1, 2025
9:39 AM
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July 1, 2025
9:18 AM
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July 1, 2025
9:08 AM
Do not include any original return or previous amended return. You do not have to include the 1099-MISC unless it has tax withheld, which is unlikely on a 1099-MISC. So it looks like all you have to ...
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Do not include any original return or previous amended return. You do not have to include the 1099-MISC unless it has tax withheld, which is unlikely on a 1099-MISC. So it looks like all you have to send is the new 1040-X.
July 1, 2025
9:00 AM
In 2023 my wife and I filed separately for loan reasons but with everything on hold we decided to re-review this and amend to file jointly. While getting everything setup I noticed on her IRS transcri...
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In 2023 my wife and I filed separately for loan reasons but with everything on hold we decided to re-review this and amend to file jointly. While getting everything setup I noticed on her IRS transcript that 5000 of income was not declared .... we don't recall every receiving the form but that's beside the point she did get the money. So, in an effort to both amend the return to be filled jointly as well as rectify the mistake of the missed claim I planned to do both but need help on what documents to include
For additional context I already amended my original (married filling separate) return once due to a blunder with stocks and cost basis.
With the above what should I include. So far, I know
- 1040x
- 1099-MISC (the document missing from her original return)
What I dont know is
- Should I include her original (married filling separate) return
- Should I include my original (married filling separate) return, or my first amended return or both (My concern here is I don't want them to confuse my first amended return with my actual new amended return
July 1, 2025
8:42 AM
If the income from that asset exceeds $1,000 the IRA custodian file form 990-T and pays tax from within the IRA.
July 1, 2025
8:35 AM
TurboTax does not have a copy of the W-2 or Form 1099. It would have a Form W-2 Wage and Tax Statement that included the tax data from the forms that were entered. The forms would be included in t...
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TurboTax does not have a copy of the W-2 or Form 1099. It would have a Form W-2 Wage and Tax Statement that included the tax data from the forms that were entered. The forms would be included in the PDF of the tax return in the tax year the return was completed.
Copies of a Form 1099 would have to obtained from the issuer of the form.
To access your current or prior year online tax returns sign onto the TurboTax website with the User ID you used to create the account - https://myturbotax.intuit.com/
Scroll down to the section Your tax returns & documents. Click on the Year and Click on Download/print return (PDF)
If you cannot obtain the W-2 from your employer, then for a fee you can get a complete copy of a W-2 from the Social Security Administration - https://faq.ssa.gov/en-us/Topic/article/KA-02501
You can get a free Wage and Income transcript from the IRS - https://www.irs.gov/individuals/get-transcript
For a fee of $30 you can get a complete federal tax return to include copies of W-2's, if you mailed the tax return and included a paper W-2, from the IRS by completing Form 4506 - http://www.irs.gov/pub/irs-pdf/f4506.pdf
See this IRS Tax Topic - http://www.irs.gov/taxtopics/tc159.html
July 1, 2025
8:28 AM
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July 1, 2025
7:48 AM
I purchased 50 shares of ET Energy Transfer LP stock in 2024 in my IRA account. Per my recent discussion with my broker, dividends from an LP are taxable in the year received, even in an IRA account...
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I purchased 50 shares of ET Energy Transfer LP stock in 2024 in my IRA account. Per my recent discussion with my broker, dividends from an LP are taxable in the year received, even in an IRA account. Is this correct?
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July 1, 2025
7:30 AM
1 Cheer
I assume that we are talking about 2025 RMDs since the deadline to take any 2024 RMDs has passed. As you were informed, you technically impermissibly rolled over an RMD to the IRA and the correct...
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I assume that we are talking about 2025 RMDs since the deadline to take any 2024 RMDs has passed. As you were informed, you technically impermissibly rolled over an RMD to the IRA and the correction should be to obtain a return of the excess contribution made to the IRA. The total of the RMDs for the 403(b) accounts was required to be satisfied before rolling over anything from either 403(b). (Present IRS guidance for rolling over or converting IRAs says that the total of the RMDs for all the individual's traditional IRAs must be completed before doing any rollovers or Roth conversions from the traditional IRAs, so I assume that the same applies to 403(b) accounts since aggregation is similarly permitted for 403(b) accounts.) That said, if you just take the combined 403(b) RMD from the remaining 403(b), without a audit the IRS would not be aware that the total of the 403(b) RMDs was not satisfied before doing the rollover. It's your choice whether to roll the dice and hope that the timing issue is never discovered by the IRS. (If it is discovered, you'll likely be subject to accumulated excess-contribution penalties.) With regard to obtaining the return of excess contribution (the total of the 403(b) RMDs) from the IRA, as long as that is done before the due date of the tax return for the year in which the deposit to the IRA was made (2025 tax year, I assume), there is no penalty that needs to be waived and no requirement to file Form 5329. The rollover from the 403(b) resulted in the distribution of the RMDs for that 403(b) accounts, so there was no failure to take those RMDs. Those RMDs were simply impermissibly rolled over. Your tax return will need to include an explanation statement regarding the return of contribution. What will likely preclude e-filing is the need to split into two the code G 2025 Form 1099-R that will be reporting the rollover, one with code G for the portion permissibly rolled over and one with code 7 for the portion impermissibly rolled over. You'll then be able to prepare outside of TurboTax the explanation statement for the return of contribution and include that with your mailed tax return.